Even Renter's Need Rental Home Insurance for Protection

Rental home insurance is purchased by people who rent their living facilities rather than buy them. The owner will have insurance on the structure to cover damage from fire, weather, or other described events. It does not cover personal property of the renter, unless the landlord provides such insurance as part of the rental agreement.

Rental Home insurance is not that expensive since only belongings are being insured. Take an inventory of your belongings and determine the cost to replace each item. Include the sales receipts whenever possible. You may want to consider a policy that covers the property at the original price rather than the cost at the time of loss. Note serial numbers of items and take photos of your things as further proof of ownership. Make sure the date is included in the photo. Every year or so, evaluate your possessions and make sure the value of your policy covers the additional items you have acquired since buying your policy. Losing personal property is bad enough but having insufficient coverage will make the loss worse.

Rental home insurance usually does not include flood or earthquake coverage. If you rent in an area where these two events are common or at least likely to happen, you may want to purchase a policy to cover those two events. The home owner's policy that includes coverage for flood and earthquake damage will cover the structure only.

Additional coverage a renter may want to purchase is alternate housing insurance. In the event of damage to the home that prevents the house from being livable, alternate housing coverage will cover the cost of a hotel and meals as well as any other living expenses incurred while not living in your primary residence. The coverage level will determine the cost of alternative housing that will be covered.

If you own a boat, snow mobile or other equipment check to be sure your renter's insurance covers those items in case of damage. If not, consider obtaining additional insurance to cover those items.

The first place to look for rental home insurance is the company you insure your vehicle with. Multiple insurance policies may qualify you for a discount in your premiums of up to 15%. If you do not have a vehicle and do not have an insurance company that you do business with, ask around. Ask family and friends who they use for insurance. If they give them a good review, check them out. It is better than using an insurance company cold. Check with your bank. A lot of banks have a relationship with certain insurance companies. Getting an insurance policy at a good or discounted rate might be the result of being a bank customer. It is always a good idea to shop around and obtain a few competitive rates.

Purchase only the coverage you need. Do not purchase coverage that will benefit only the owner unless it is in your rental agreement to do so. If your insurance policy includes something that you absolutely do not need, negotiate that out of the policy with the insurance company.

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